The Union Cabinet on Tuesday gave a go ahead to the approval to waive off interest on short-term crop loans from Cooperative Banks to farmers for the months of November-December 2016.

The Union Cabinet on Tuesday gave a go ahead to the approval to waive off interest on short-term crop loans from Cooperative Banks to farmers for the months of November-December 2016.

The government has waived off Rs 660.50 crore interest on short-term crop loans.

A number of key decisions were also taken by cabinet including giving its approval to ratification of Second Commitment Period of the Kyoto Protocol on containing emission of Green House Gases.

The Cabinet also approved a transfer of 11.35 acres of land to the Airport Authorities of India. However, the government will take an equivalent area of land in exchange at Anisabad in Bihar.

An approval to the IIM amendment bill, seeking to authorise IIMs to grant a degree as opposed to diploma, was also approved by the Cabinet.

The Cabinet also gave a go ahead to the construction of a world class convention centre at Pragati Maidan. The total cost of this project by India Trade Promotion Organisation (ITPO) will be Rs 2,254 crore.